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APAC Edition
12th April 2024
 
THE HOT STORY
Apple jobs in India set for 3x jump in 3 years
Apple's ecosystem of component makers and suppliers could collectively employ around 500,000 people in India directly in the next three years, a more than three-fold increase, as the tech giant moves at least half of its existing supply chain from China to India. The Cupertino-based company, which is looking to increasingly decouple from China, also aims to increase local value addition from its Indian suppliers in line with the approach that it has adopted in China. Apple’s suppliers in India who rank as top job creators include Tata Electronics, which makes enclosures for iPhones at its Hosur facility, Salcomp Technologies, which produces enclosures and power adaptors, as well as Foxlink and Sunwoda, which make cables and batteries for iPhones.
DIVERSITY, EQUITY & INCLUSION
Academics dispute McKinsey's diversity findings
Academics have disputed research by McKinsey which claimed companies with diverse leadership teams perform better financially. Report authors Jeremiah Green, an associate professor at the Mays Business School in Texas, and John Hand, professor of accounting at the Kenan-Flagler Business School in North Carolina, found no statistically significant difference in financial outperformance between businesses with diverse leadership teams and those without. They criticised McKinsey's work, saying that it neither conceptually nor empirically supports the argument for increased diversity in executive positions. The authors emphasised a lack of robustness in McKinsey's studies and called for further research on the connections between diversity and performance. They said that McKinsey’s tests were “erroneous” and could not be replicated when academics used data from businesses in the S&P 500.
TRAINING & DEVELOPMENT
Three-quarters of companies in India are focused on enhancing women's development, study says
A recent study suggests that 73% of companies in India are focused on enhancing women's development, a significant increase from five years ago. These companies are investing in tailored programs to help women advance into senior leadership positions, with a focus on leadership development and upskilling. The research also highlights that 87% of organisations are facing or expecting talent shortages, making leadership development and diversity even more important. Skill development has become a key focus, with 51% of companies incorporating it into their diversity, equity, and inclusion agenda. Companies like DBS Bank and DCM Shriram say they are actively implementing women's development programs to foster an inclusive and diverse workplace.
HEALTH & WELLBEING
Death of lawyer sparks concerns over burnout
The tragic death of a Baker McKenzie lawyer in Sydney has brought attention to the issue of lawyer burnout and mental health in the legal profession. The young lawyer's passing has deeply affected colleagues, who gathered at a funeral service to pay their respects. Baker McKenzie Australia's managing partner, Anne-Marie Allgrove, expressed sadness and extended sympathies to the lawyer's family and friends. The firm has provided support to its staff and activated its Employee Assistance Program across all Australian offices. This tragedy follows the recent death of Pinsent Masons partner Victoria Ford, where stress and long hours were attributed to her passing. Baker McKenzie, which has faced senior partner resignations and potential restructuring, has been a prominent legal presence in Australia for over 50 years.
WORKFORCE
China's basic medical insurance fund generates 3.4 trillion yuan in revenue
China's basic medical insurance fund has generated 3.4 trillion yuan ($470bn) in revenue, operating in the black but with a tight balance. The fund received 2.7 trillion yuan in income in 2023, resulting in an annual surplus of 500 billion yuan. The urban and rural residents' program, as well as the urban employee program, contribute to the fund. The employees' program has recorded an accumulative surplus of 2.6 trillion yuan. The fund for rural and urban residents has a surplus of 760 billion yuan, but the balance is tight. Increased spending by the insurance program has created a tighter safety net for residents' healthcare. Healthcare expenditures are expected to rise due to the aging population and overall socioeconomic development. The National Healthcare Security Administration aims to reform payment approaches to control expenditure growth and hospitalization rates, ensuring the fund's stable function.
STRATEGY
Amazon Australia contirnues expansion with new fulfilment centres
Amazon Australia is extending its footprint across the country with the development of two new super-scale robotics-led facilities. The e-commerce group has unveiled plans for a $490m investment in two new fulfilment centres to the west of Sydney, which follow the development of Craigieburn Logistics Estate, in northern Melbourne. The latter will be the largest warehouse ever built in Australia, spanning 209,000 square metres across four levels. 
ECONOMY
Consumer confidence drops in Thailand as economy slows
Consumer confidence in Thailand fell for the first time in eight months in March, attributed to slow economic recovery and higher living costs. The consumer index of the University of the Thai Chamber of Commerce dropped to 63.0 from 63.8 in February. Consumers expressed concerns about the economy's performance and rising energy prices. However, confidence is expected to improve as government spending accelerates after the delayed budget was passed. Thailand's economy unexpectedly contracted by 0.6% in the fourth quarter of 2023, with full-year growth at 1.9%, lower than expected.
INTERNATIONAL
EU leaders call for action to ensure long-term competitiveness
European Union leaders will use a summit next week to call for decisive action to ensure the bloc's long-term competitiveness and leadership on the global stage. The summit will address economic challenges, geopolitical tensions, subsidies, and the shift to green and digital technologies. EU leaders will focus on deepening the single market, removing barriers, enforcing rules, and supporting smaller companies. They will also prioritise reducing single market barriers for services, creating an EU capital markets union, decarbonizing industry, and investing in digital infrastructure and artificial intelligence. The goal is to close the gaps in growth, productivity, and innovation compared to rivals like China and the United States. The EU leaders aim to foster research, open trade, and promote participation in the labour market. The draft conclusions emphasize the need for urgent policy adjustments to address vulnerabilities and trends. The summit will be held in Brussels on April 17-18.
Tesla mechanics' strike continues to disrupt operations in Sweden
A strike by Tesla mechanics in Sweden, one of the country's longest labour disputes, is still ongoing and disrupting operations, according to the IF Metall union. The strike has drawn scrutiny from investors, including Norway's $1.6 trillion wealth fund, which owns 1% of Tesla's stock. The strike has affected various sectors, with workers refusing to handle Tesla business. Tesla CEO Elon Musk has expressed optimism about the situation, but the union says the storm is not over.  The strike has forced Tesla to find alternative ways of running its operations in the country. "They have been forced to change their way of bringing cars into Sweden and Tesla employees have to handle waste and garbage themselves at the workshops," said Elin Lornbo of the Transport Workers' Union, which is blocking the company from delivering cars to Sweden by ship.
OTHER
China's market regulator calls for transparency in livestreaming sales
The State Administration for Market Regulation, China's top market regulator, has emphasised the need for transparency in livestreaming sales, stating that consumers must be informed about who is selling products and what goods are being sold. The regulation, which will go into effect on July 4th, requires businesses engaged in livestreaming sales to disclose their business content and provide contact information to consumers. The market size of livestreaming sales has increased by 10.5 times in the past five years, but customer complaints have also risen significantly. The new rules aim to standardise the business of livestreaming sales and improve the management of platforms. The Supreme People's Court is also conducting legal studies to better protect consumers' rights and interests in the rapidly growing livestreaming sales industry.
 


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